Arizona’s Senate has advanced a Bitcoin reserve bill, bringing it to second place behind Utah in a race between US states to get a crypto investment bill approved.
The Arizona Senate passed the Strategic Digital Assets Reserve bill (SB 1373) on its third reading on Feb. 27 with a vote of 17 for and 12 against. It now advances to the state’s House.
The bill, sponsored by Republican Senator Mark Finchem, would create a “Digital Assets Strategic Reserve Fund” administered by the state treasurer that would consist of money appropriated by the legislature and crypto seized by the state.
The treasurer can’t invest more than 10% of the total fund deposits in any fiscal year but may loan digital assets from the fund to generate returns if it doesn’t increase financial risks to the state.
“[Whether] you like it or not, legislation will happen at the federal level in this order: Stablecoins, Market Structure, and Strategic Bitcoin…
